The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1887-01-08
Maryland Finances.
Report Of ihe Comptroller of tao state
Treasury 10 September 30, 1856.


Mr.. j. Frank Turner, Comptroller of the
Treasury of the State of Maryland, has sub
mitted to Gov Lloyd his report of the condi-
ton of the State Treasury, embracing the
fiscal year ending on the 30th day of Septem-
Der, 1886. From it we make a few extracts ::
RECEIPTS.
The total receipts into the treasury from
NIL sources during the fiscal year amounted
to the sum of 81, 1894, 278.77, which, added to
the balance in the treasury on the 30th day OF
September, 1885, makes the total amount in
the treasury during the fiscal year of 81, 741,-
$50. TO- The receipts for the year have been
a fraction less than they were for the years
1884 and 1885, but they are about what have
been the average for the past nine years. 1t
is very gratifying to find that, Notwithstanding
the general depression that has prevailed
throughout the country, and the consequent
lessening of revenues OF all monetary instltu-
tions, the receipts of our State treasury are
satisfactory.
DISBURSEMENTS.
The total disbursements during the year
amounted TO 81, lbs, l09.76. In this sum is
included the expenses of the Legislature, the
nav of its members and officers amounting
TO the sum of $40, 69S. G5; public printing and
publishing the laws, $50, TSG. rs; the refunding
of moneys on account of licenses issued to
carry oysters over the waters of the State,
and licenses abridged by the enactment of 4
new oyster law in 1884, S27, 493. 4G, and spec
ial appropriations to the amount of $38, 310.-
rs, amounting in the aggregate to the sum OF
S207 ,289 Gj There is also included IN the
disbursements the sum OF S276, o71.lO, ex-
pended in the purchase Of stock and the re-
demption Of balance of the old defense loan,
and after deductiBg these several sums from
the total disbursements there remains the
sum of 81 $40, 9i3.0l as the net ordinary ex-
penses of the State government for the fiscal
wear 1856 This sum is more than ticeRty-
fire thousand dollars less than the ordinary
expenses OF the State for the last Legislative
wear tlSSi The expenses of the Legisla-
ture of 1856 were somewhat greater than
they were for the session of 1884, which in
crease was in part occasioned by contested
election cases, there being one in each house.
REDUCING THE STATE DEBT.
In order that you may see at glance what
progress this department has made in the
reduction of the debt of the State in the past
three years, let us look at the comptroller S
report for the fiscal year 1888, where the ag-
gregate amount of debt is put down at SILL
269, 800 50, but in this amount of debt there
is an error, which was subsequently found,
and the debt at that time ascertained to
20, U4o II
From which deduct the bonds
and stocks held by the State
at that time and the money
and bondsi in the sinking funds
amounting to..................... 1896, 1854
And we have the net debt ofthe
State, Sept. 80, 1888, the sum of 81, 2S5, S9l.5l
Net debt October /, 1SS6........ G,0l4, 1853. 6s
Which shows the total reduction
in debt in three years off,. S1,27l, 13l. o9
i, Making an average reduction Of S423.9lo.b S 6
year. II rails rate Of redISkls scsr be con-
tinued it will not be many years before the
whole State debt will be extinguished. i X i
But it must be remembered as the sinking
fund increases the increment will increase
also, so that it is safe to say that in less than
five years from this time, should the present
revenues be maintained and our Legislatures
are as economical and conservative as the past
two have been, and the present tax be con-
tinued, we will be able to take off all State
taxes except those for educational purposes,
for at that time we should have in the treasury
under the conditions which i have named, the
money or its equivalent with which TO pay Inv
,e4felre clc--+t Wi Oh
This is what believe can be done with o
continuance of present revenues and without
an increase Ill expenditures, Dut whether IL
will be done or should be done are questions
that the future must determine. BY the time
the nex Aegislatdre meets we will have a
- Artion of the State, debt in the
sinMHg Iai'1 lille it mightin some aspects
seem desirable to take off at one time the
whole State tax of 81 cents, yet | think the
fairest and most equitable mode of taxation
is to lessen the tax just rs soon as it can be
done without embarrassment to the treasury.
Holding these views ! shall recommend to
the next Legislature reduction in the pres
ent tax rate, snch reduction to be based upon
the amount of taxes applicable TO any loan
that is then due, the entire bonds Of which,
or their equivalent, shall by that time be in
the sinking funds BY the last call the treas.
ury officers have secured the entire Maryland
Hospital bonds, amounting to SiG5, 10000,
and they are now in the sinking funds; a can
collation. OF these bonds would take off one
cent that goes to make the 81 cents of State
tax. We shall call in as soon as the condi.,
ton of the treasury will permit the deaf and
dumb loan authorized by the act OF 1874,
chapter ~, amounting TO the sum OF Sl25,OOO,
and this will enable us to take off in like man
ner one half of one cent more. | think then
we can confidently rely upon the next Legs,
lature making reduction of one and one-half
cents in the State taxes.